When you dig into where global corporate profits are actually coming from in 2026, semiconductors don’t just show up near the top of the list. They account for nearly half of the entire leap in MSCI AC World earnings this year.
For the first week since the war in Iran began, a sector other than energy led the market higher. In fact, the State Street Energy Select Sector SPDR ETF (XLE) was the worst-performing sector last week. So, what’s the story here?
Every now and then, the market hands you a gut check. A pullback, a stretch of bad headlines, a little macro turbulence, and suddenly people start wondering whether the trade they believed in three months ago still makes sense.
Industrials have been one of the best-performing sectors this year. The “old economy” is very much alive and well, and investors are recovering it after years of focusing almost exclusively on tech stocks.